CROP's Roll-out in Oklahoma 'Well Under Way' With Addition of Drying and Propagation Units
VANCOUVER, British Columbia, April 25, 2019 /CNW/ -- Crop Infrastructure Corp. (CSE: CROP) (OTC: CRXPF) (Frankfurt: 2FR) announced today it has consolidated its roll-out plan in Oklahoma with 20 acres cleared and prepped and high nutrient soil being spread on the property in readiness for tenant planting of medical cannabis.
Additionally, the partnership is reviewing several different high +20% THC genetic cannabis strains for its plant starts for the 2019 season. CROP has also leased a 32,000 sq. ft. drying building for drying the 20-acre outdoor harvest, the property has an additional 32,000 square ft of footings where greenhouse will be erected for propagation with sufficient power on site for both the propagation and drying units.
The 20 acres of medical cannabis, once tenanted, is estimated to yield 30,000 lbs of dried flower per year with a total infrastructure cost of $500,000.
The edibles and oils markets are quickly gaining dominance. Being positioned to provide for this market with a vision of vertical integration will be a key driving force behind CROP, its brands and tenants being successfull in Oklahoma.
The company is also reviewing several existing retail locations to acquire, as well identifying new locations that would be suitable for retail businesses that the company would then make applications for potential licensed tenants. The company believes its experience and organic CROP SAFE methodology will be a game changer in the Oklahomamarket by providing tenants with the means to succeed.
CROP CEO, Michael Yorke, stated:
Our Oklahoma roll-out is now well under way. The state's medical marijuana program permits doctors to be free to recommend medical marijuana for any condition they deem appropriate and with recreational cannabis being a focus of the State. We couldn't be happier with the speed with which our team is tying up infrastructure and readying for the season ahead.
CROP is publicly listed company trading under symbol CROP.CSE. The company is focused on cannabis branding and real estate assets. CROP's portfolio of projects includes cultivation properties in California, three in Washington State, a 1,000-acre Nevada cannabis farm, 2,115 acres of Hemp CBD farms, and a growing portfolio of common share equity in upcoming listings within the cannabis space.
CROP has developed a portfolio of assets including Canna Drink, a cannabis infused functional beverage line and 16 Cannabis brands.
Disclaimer for Forward-Looking Information
Certain statements in this press release are forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. In addition, marijuana remains a Schedule I drug under the United States Controlled Substances Act of 1970. Although Congress has prohibited the US Justice Department from spending federal funds to interfere with the implementation of state medical marijuana laws, this prohibition must be renewed each year to remain in effect. These statements generally can be identified by the use of forward-looking words such as "may", "should", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the expected returns from the Oklahoma Project; the technological effects of Oklahoma Project; the intention to expand its portfolio; and execute on its business plan. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding the regulatory and legal framework regarding the cannabis industry in general among all levels of government and zoning; risks associated with applicable securities laws and stock exchange rules relating to the cannabis industry; risks associated with maintaining its interests in its various assets; the ability of the Company to finance operations and execute its business plan and other factors beyond the control of the Company. Such forward-looking statements should therefore be construed in light of such factors, and the Company is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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SOURCE Crop Infrastructure Corp.